Money laundering means that an individual has knowingly used financial transactions to hide their proceeds from a crime. For example, it is money laundering if someone obtains $20,000 in cash from marijuana trafficking and deposits the money in an off-shore bank account. The key difference to money laundering is that someone tried to hide money or property gained from an illegal activity.
What is Money Laundering?
Under the Money Laundering Control Act of 1986, it is a federal crime to intentionally use financial transactions to conceal the proceeds of a criminal act including its source, ownership, and/or control.
In money laundering:
- The profits most often hidden are money, which is concealed through transactions such as bank deposits, withdrawals, transfers and loans
- Transactions can also involve property
- The transaction just have to be attempted, it does not have to be completed
Prosecution of Money Laundering Cases in Pennsylvania
Prosecutors will have to prove beyond a doubt that you intentionally concealed the origins of the money or property that was allegedly laundered. To do so, they will have to present extensive evidence. Not only will they need to prove that, for example, you deposited money in your bank account but first you deposited the money in accounts in another country before transferring it to a Pittsburgh bank for your own use.
Pennsylvania Money Laundering Penalties
A money laundering conviction can draw up to 20 years in a federal prison. You can also have to pay a $500,000 fine or a fine that is twice the value of the money involved in the crime. Having an experienced federal attorney on your side can minimize the penalties you face or help you avoid them altogether.
Speak to a Pittsburgh Money Laundering Lawyer if Charged
Our team of federal attorneys have worked experience in money laundering cases. If you were charged – don’t wait to speak to an attorney about the charges you are facing. It’s important to get the best legal representation possible. Call or email us today.